Market Insights Consumer DIY & Hardware Store

Hardware & Building Materials - Luxembourg

Luxembourg

in Luxembourg, a country known for its prosperous economy and high standard of living, is no stranger to the Hardware & Building Materials market.
In 2024, the revenue in this market segment amounts to an impressive US$279.50m Luxembourgish Francs.
This substantial figure showcases the importance of this industry within the country.
Looking ahead, the Hardware & Building Materials market in Luxembourg is projected to experience steady growth.
With an expected annual growth rate of 3.54% from 2024 to 2028 (CAGR 2024-2028), the market is poised for further expansion.
This growth is fueled by various factors such as increasing urbanization, infrastructure development, and a growing demand for construction materials.
However, when examining the global landscape, it becomes evident that Luxembourg's revenue in this market pales in comparison to that of in China.
In 2024, [globalrevenue_currentlayer_yeartoday_maxcountrynameprep]'s Hardware & Building Materials market is forecasted to generate a remarkable revenue of US$525bn Chinese Yuan.
This staggering figure solidifies in China's dominance in the global market and highlights the sheer scale of its construction industry.
To gain a better understanding of the market's impact on individual citizens, it is essential to consider per person revenues.
In 2024, Luxembourg's per person revenues in the Hardware & Building Materials market amount to US$0.43k Luxembourgish Francs.
This figure reflects the average amount of revenue generated per capita and showcases the market's significance within the country's overall economic landscape.
In conclusion, Luxembourg's Hardware & Building Materials market demonstrates strong revenue figures and holds immense potential for future growth.
Despite facing stiff competition from global powerhouses like in China, this market segment continues to contribute significantly to Luxembourg's economy and plays a vital role in the country's infrastructure development and construction sector.
Luxembourg's hardware and building materials market is experiencing a surge in demand due to the country's booming construction industry.

Key regions: Indonesia, Turkey, Japan, China, Germany

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Analyst Opinion

Despite global supply chain issues and a raging pandemic, key players in the DIY & Hardware Store market experienced double-digit year-over-year growth. These numbers are the result of COVID-19 restrictions, which required many people to stay home and provided them with the opportunity to carry out home improvement activities.

Over the past two years, these restrictions have led to a decrease in out-of-home spending on activities such as travel and restaurant dining as well as an increase in household spending, such as grocery purchases and do-it-yourself (DIY) projects. The DIY & Hardware Store market benefited significantly from this shift in behavior; however, many are beginning to question whether this increasing interest in DIY activities will continue as countries begin to lift COVID-19 restrictions.

There is evidence that suggests that the growth that occurred during the pandemic may now be slowing down. Top DIY and home improvement retailers revealed single-digit growth rates in the fourth quarter of 2021, a much slower pace than the double-digit growth rates reported at the same time in the previous year. As more discretionary spending shifts from household to out-of-home, we will continue to see DIY & Hardware Store market growth return to pre-pandemic levels. While this may sound like bad news to some, we see it as something positive and predict steady growth between 2023 and 2027 due to growing demand for housing and the continued desire to renovate homes.

Methodology

Data coverage:

Data encompasses B2C enterprises. Figures are segmented by product type and consist of the following: Paint, Wallpaper & Supplies, Tools & Machines, Hardware and Building Materials, Lawn & Garden, Heating & Cooling, Bathroom Hardware, and Floor Covering.

Modeling approach / Market size:

Market sizes are determined by a top-down approach, based on a specific rationale for each market segment. As a basis for evaluating markets, we use national statistical offices, international institutions, in-house market research, and resources from the Statista platform. Next we use relevant key market indicators and data from country-specific associations such as product value, import value, and export value to determine domestic supply. This data helps us to estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, exponential trend smoothing. The main drivers are turnover indices, GDP per capita, and consumer spending per capita.

Additional Notes:

The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.